The standard refinancing operations of the Eurosystem – the main refinancing operation and the regular longer-term refinancing operation with a maturity of three months – are an integral part of liquidity management and are once again gaining greater importance in the implementation of monetary policy.

To ensure smooth access to these operations and the effective implementation of monetary policy, all counterparties eligible for liquidity-providing refinancing operations are invited to participate in at least one such refinancing operation per calendar year, starting from January 2026.

Counterparties are free to choose when they participate. The tender conditions and the requirements for the use of eligible assets also apply to participation for test purposes. The tender conditions include, for example, the minimum bid amounts of €1 million for the main refinancing operation and €10,000 for the longer-term refinancing operation.